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Southern California Law Advocates, P.C.
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Los Angeles, CA 90071
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Can I Keep My House and File for Bankruptcy?

Keep Home in Bankruptcy Many people who are considering filing for bankruptcy are worried that filing for bankruptcy will cause them to lose their home. Filing for Chapter 7 does not mean that you will lose your home. In most situations you will be able to keep your house and continue to make your regular monthly payments.

If you are current on your home mortgage payments, and the house has no equity, then as long as you continue to make your regular monthly payments, you can keep your home. Chapter 7 bankruptcy will allow you to keep your home as long as you continue to make your regular monthly mortgage payments.

If your home has equity, and you are current on your home, then you need to check your state's bankruptcy exemptions to determine if the equity in your house is protected. If the equity in your house is protected and you continue to make your regular monthly payments, then you will be able to keep your home. Every state has different bankruptcy exemptions that allow you to protect assets in a bankruptcy. In California you can protect equity ranging from $75,000 to $175,000 depending on your age, family, health, etc.

If you are not current on your mortgage payments and are considering filing for bankruptcy, there are also other options to consider. You may be able to file for Chapter 13 bankruptcy to repay the arrears on your mortgage, or you may want to consider filing for Chapter 7 bankruptcy, while working out a repayment option directly with the bank.

Filing for bankruptcy in many instances will still allow you to keep your home while getting rid of your unsecured debt.

If you concerned about being able to keep your home and filing for bankruptcy, then you need to consult with a local bankruptcy attorney to discuss your options. One of the worst mistakes that you can make is to pay your credit cards over your mortgage. Many people end up losing their homes because they keep current on their credit card payments over their mortgage payment.

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